Iii

xylophone

Wonders will never cease - the relative ( feeling that he must be amongst the called and the chosen) let me know that his dividends had actually arrived!

I have checked my account and lo and behold.......!!!!!!!

The carrier pigeon must have recovered!

juliamarsh

xylophone wrote: »

Wonders will never cease - the relative ( feeling that he must be amongst the called and the chosen) let me know that his dividends had actually arrived!

I have checked my account and lo and behold.......!!!!!!!

The carrier pigeon must have recovered!

It hasn't flown as far as me - just checked my account all excitedly but still no sign of my December dividend. As to my other issue about the tax reclaim on the Fidelity dividend, HL, Fidelity and HMRC have all confirmed that as I purchased the units before the ex dividend date then the whole payment would have consisted of interest and not equalisation. So as I see it I should be entitled to reclaim the tax and it shouldn't matter whether they are Group 1 or Group 2 units. III told me in their message:-

'Group 2 units are allocated when the units are newly purchased, this means that your units do not change from Group 2 units to Group 1 units until there has been a new accounting period. This means that when purchasing a fund, you will never receive a Tax reclaim on the first dividend you receive.'

But I don't see why you will never receive a tax reclaim on the first dividend you receive, unless the entire payment consisted of equalisation and no interest. Am I missing something here? I can't find anything on google that specifically addresses the issue of Group 2 units and tax reclaim.

Now I am off to calculate how much III have short changed me by not paying commission credits when they should have done, and put it into a report to send to them. I could be gone for quite a while.....

JenniferK

Hadd all my December Dividends paid by AJ Bell - in December

Nocto

JenniferK wrote: »

Hadd all my December Dividends paid by AJ Bell - in December

That’s just showing off!:D

So far I have 2 out of 3…

Incidentally, having read Julia’s post about group 1 & 2 units. What’s II previous performance been like with tax certificates?

I’ve always received them some time in May. But, call me a pessimist if you like - I’m guessing that II may take a little longer!

masonic

Received the following today - bear in mind it seems there is now a 1 month backlog of online queries:

Thank you for your secure message dated 13 December 2015.(sic)

<snip>

Please accept our apologies for the delay in answering your enquiry, we are experiencing a large increase of volumes and this has had an impact on our response times.

Those dreaded "volumes" again. They seem to be the cause of everything.

jimkenyon

masonic wrote: »

Those dreaded "volumes" again. They seem to be the cause of everything.

Large volumes = lot of unhappy clients.

masonic

jimkenyon wrote: »

Large volumes = lot of unhappy clients.

Yes, and providing the backend for Trustnet direct can't have helped. Yet they are now partnering with the Daily Telegraph to launch yet another service that will further increase their "volumes".

Nocto

masonic wrote: »

Yes, and providing the backend for Trustnet direct can't have helped. Yet they are now partnering with the Daily Telegraph to launch yet another service that will further increase their "volumes".

Has anyone heard whether Trustnet direct customers are having the same problems we are?

masonic

Nocto wrote: »

Has anyone heard whether Trustnet direct customers are having the same problems we are?

From what Mattygroves2 and coyrls have shared with us, it seems likely. Perhaps they could comment if still following this thread.

xylophone

But I don't see why you will never receive a tax reclaim on the first dividend you receive, unless the entire payment consisted of equalisation and no interest. Am I missing something here? I can't find anything on google that specifically addresses the issue of Group 2 units and tax reclaim.

How much of the distribution received was "return of capital" (equalisation) and how much was interest?

http://www.hmrc.gov.uk/manuals/ctmanual/ctm48430.htm

http://www.taxation.co.uk/taxation/articles/2000/09/18/512/unit-trust-distribution

This was before the change of tax treatment on dividends but could apply by analogy to interest paying funds?